Happy to be corrected but in order for VA to be "sold" as a going entity the accumulated debt has to be settled, it won't be at the full debt value but a proportion ie 20 cents in the $/30 cents....whatever.
If the creditors reckon that in liquidation they can get 50 cents but are only being offered 30 cents by the administrator they will likely say "get stuffed".
The creditors will decide whether VA can continue - contingent of course on finding an investor willing to provide the xx cents in the $ to buy off the creditors.
As was proven by Fox/Lew any investor will be looking at what THEY can get out of it, if they suddenly decide they can't get what they want/demand they'll spit the dummy and kill the deal.
If anyone was REALLY concerned about running an airline they'd either buy the Tiger AOC outright (if possible) or team up with Alliance, either way expand in their own time in their own direction and leave the VA mess to the administrator.
Just IMHO.
Cheers.